Although its pandemic-driven expansion has been tempered recently by rising mortgage rates and cooling home sales, the U.S. institutional single-family rentals (SFR) industry has entered a moderate growth mode that positions it “to thrive over the long term,” according to a new research bulletin from Yardi Matrix. Robust household family formation and elevated demand for family and home office space during the pandemic sparked a run-up of SFR rents, which increased by 27.9% from January 2020 to mid-year 2023. Occupancy rates have remained above 95% since January 2018. But rent increases slowed and year-over-year rent growth decelerated in the first half of 2023. The Federal Reserve has increased short-term interest rates by 525 points since spring 2022 and institutional SFR acquisitions have declined after two years of record volume. Despite this, “demand for single-family rentals is almost certain to remain firm,” with the sector having “solidified its presence as a niche segment of the overall commercial real estate market,” the bulletin says. The extent of the sector’s growth will depend on how well owners and investors succeed in financing acquisitions and developing efficient property management strategies. Nashville, Tenn., had the strongest year-over-year SFR rent growth at mid-year, followed by Baltimore and Chicago. The weakest metros for rent growth were Orlando, Fla., Miami and California’s Inland Empire. There’s much more insight into the SFR market in the August 2023 Yardi Matrix Bulletin, including an examination of fundamental drivers, a discussion of proposed legislation regarding institutional SFR purchases, a review of acquisition growth trends and reports on regional stock deliveries. Download your...
Leeana Bari
Yardi Employee Profile
Yardi’s global offices make essential contributions to property management and investors worldwide. Today, we introduce you to Leeana Bari, a senior technical account manager for RentCafé Resource out of the Dallas office, a part of the Texas Practice 6 team. Meet Leeana Bari Leeana Bari has been with Yardi for five years after graduating from the University of Oklahoma, her first job out of college. Bari spends her workdays keeping clients as happy as possible. Fulfilling the Yardi mission statement, taking care of clients and being dedicated to them, ensuring they are all responded to promptly. She also values positive reinforcement for her peers and colleagues. “I am a queue watcher because I love seeing the queue go down and sending a ‘good job team’ message from time to time in our team chat to shine a light on their hard work being seen because some weeks it gets tough,” says Bari. Working in the office has allowed Bari more human interactions since the pandemic made everything virtual. She enjoys walking around, joining conversations, and playing ping pong in the breakroom. She finds working from home can lead to burnout with minimal breaks, so when working at home, she is mindful of her time and does a quick 10–15-minute workout to get the blood flowing. “I believe it’s important to incorporate times to step away from the computer to refresh your mind, especially if you’re stuck on a case,” Bari shares. Cultivating Bonds Bari appreciates all the people she works with at Yardi. She has never felt that she couldn’t be herself, which makes the work environment enjoyable. The professionalism and involvement of managers and team leads in the Dallas office encourage success and growth within Yardi. “The environment is professional, but one thing I absolutely love about Yardi is that I always felt and continue to feel like I can be myself in and out of the office,” shared Bari. She wants new hires, especially those right out of college, to know that Yardi’s company culture makes a big difference. Knowledge is shared daily, which makes working with clients that much easier. Yardi encourages diversity, inclusion and growth, making it easy to connect with peers and enjoy work each day. “The recruiters at Yardi have done an amazing job at finding knowledgeable people with the awareness and soft skills to ensure the work culture meets all requirements of our motto,” said Bari. She continues, “I’ve absolutely loved working for Yardi! I’ve made life-long friendships and couldn’t have imagined or asked for a better first job!” Yardi is hiring globally! Interested prospective employees can explore opportunities on the Careers site. World traveler, dancer and pro wedding guest Bari spends her time outside of the office traveling with family and friends. Her parents immigrated to America from Bangladesh, so travel has been super important to them to connect with family. Bari was able to experience traveling to foreign countries and even within the States as a child, opening her eyes to what is out there in the world. She also has been swamped attending several weddings within the past few years. “In 2022, I attended nine weddings. I am on number three of six for 2023 and have six already on the calendar for 2024! Celebrating my friends brings the utmost joy to my life – however, if you’ve ever attended a Desi wedding, you know a gal is running out of outfits,” Bari exclaimed! When she is not attending weddings, Bari enjoys dancing. Dancing has always been a part of her life. She believes it soothes the soul. Some of her best years were on a dance team in college, and she cultivated strong friendships she still has to this day. “It is amazing to me to see how everyone brings their own personality and flow to the dance; however, we’re all able to mesh and flow in sync as...
Lifestyle Offices
Help Retain Top Talent
Since the pandemic, companies have had to adjust to keep their customers returning. For example, movie theaters are finally starting to see box office numbers like in 2019, but how are they getting people out of their comfortable living spaces and coming to the movies? Because viewing options at home are limited, and most need more space for a 60 by 80-foot screen, IMAX theaters are growing, but smaller, older theaters cannot keep up with amenities. Sounds familiar for the return-to-office issues companies are having. Lifestyle offices have become attractive for top talent seeking a modern and progressive work environment. Let’s discuss how traditional rigid office structures and work-life integration play a significant role for talented individuals who value flexibility and freedom in their work. Lifestyle offices are the IMAX version of an office building, packed with amenities and features that support work-life integration, such as flexible work hours, remote work options, on-site childcare/dog care facilities, and relaxation areas with greenery and wellness programs. These initiatives contribute to reduced stress, increased productivity and improved employee satisfaction. Aesthetically pleasing workspaces contribute to a positive work environment. Open-plan layouts with natural lighting and biophilic design elements promote employee satisfaction. Many more extensive tech or finance companies are moving to this type of office style since they have the budget to afford the construction and high rent prices. One Brickell City Centre in Miami has done just this. Featuring sustainability and is the first LEED gold-certified commercial building with sustainable architectural features. They offer gorgeous city and ocean views from each building floor, along with flexible workspaces. Other places in New York, California and Boston have ample lifestyle offices for regional transit access, dramatic outdoor terraces, top-of-the-line security and plenty of amenities. Some offer perks for exclusive...
Street Rates Fall
Self Storage Update
Self storage street rates slipped month-over-month in July as demand and supply trends soften, according to the latest National Self Storage Report from Yardi Matrix. Street rate performance was weaker than normal in July. Nationally, overall street rates (all unit sizes and types combined) dropped $1 to $141, down 0.7 percent month-over-month. Historically, rate growth is positive in July, averaging a sequential increase of 0.8 percent in the past seven years. “Lower street rates are a result of weak move-in activity, with average REIT occupancy in Q2 2023 down 400 basis points from its all-time peak in Q2 2021. Demand is impacted by the weak home sales market and domestic migration coming down from pandemic highs,” state Matrix analysts. Street rates continued to be negative year-over-year in July in nearly all of Yardi Matrix’s top 31 metros. Rates for 10×10 non-climate-controlled units dropped in 30 of the top 31 metros compared to July 2022, while rates for similar-size climate-controlled units also decreased in all but one of the top markets (Pittsburgh). Despite the challenges, there are bright spots. The job market remains sound, and strong consumer balance sheets will support long-term demand. Self storage demand has historically been resilient, coming from a variety of sources, and growth rebounds quickly following a downturn due to month-to-month lease terms and flexible customer rate increase programs. Learn more about the state of the self storage sector nationwide. Yardi Matrix tracks a total of 4,916 self storage properties in various stages of development, including 830 under construction, 1,977 planned, 672 prospective, 1,375 abandoned and 62 deferred. Matrix also maintains operational profiles for 30,152 completed self storage facilities across the United States, bringing the total data set to 35,068. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for...
Student Housing Updates now Monthly
Near-Record Preleasing in July
The student housing sector continues to outperform as the Fall 2023 school year approaches, according to the August National Student Housing Report from Yardi Matrix. Reports on national student housing performance, with insight on preleasing and rental rates, are now being delivered on a monthly basis. As of July, 90.1 percent of beds at Yardi 200 universities were preleased for the upcoming fall term, a 4.6 percent increase from the prior month and about even with last year. Preleasing was near a record high for July, and year-over-year rent growth throughout the leasing season has been ahead of last year. The sector is equipped to handle economic challenges, with solid occupancy and rent growth for the 2023-2024 school year and counter-cyclical demand. “Preleasing has slowed recently from rapid growth at the beginning of the leasing season. Month-over-month rent growth has also decelerated,” states the report. Despite the drop, fall occupancy is projected to match last year at around 96 percent, while rent growth remains impressive at 7.1 percent year-over-year. Strong fundamentals continue to fuel development, and Yardi Matrix projects approximately 40,000 new beds will be delivered in Fall 2023 at Yardi 200 universities, compared to 27,000 delivered last fall. Solid preleasing and rent growth suggests that much of the supply has already been absorbed. The student housing data set includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Known as the “Yardi 200,” it includes all Power 5 conferences as well as Carnegie R1 and R2 universities. Gain more insight in the latest Student Housing Report. Future reports will include a rotating special topic such as enrollment trends, transaction volume or development activity. Yardi Matrix covers multifamily, student housing, industrial, office, retail, vacant land and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...
The Hope Center
Nurturing Tomorrow’s Leaders
Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. Today we introduce you to The Hope Center at Pullen (HCP), of Raleigh, North Carolina, established in 2009. It empowers current and former foster youth with comprehensive programs to help them achieve self-sufficiency. Most people understand that foster youth are traumatized by experiences before foster care, but many do not realize that entering foster care is also traumatizing. Children are taken from the only family they’ve ever known to live with strangers, creating new fear and uncertainty as they navigate a completely foreign environment. Many are also re-traumatized by neglect, poverty, abrupt changes in caregivers and schools, lost relationships and unrealized academic potential while in foster care. “Our youth’s traumatic histories combined with lack of family support, savings, and affordable housing make it very difficult to find and maintain housing,” said Brittney Sherley, director of development and communications for HCP. The Hope Center’s statistics underline the risk for foster youth: Within 18 months of leaving foster care, 40-50 percent of foster youth become homeless. 65 percent of youth leaving foster care need immediate housing. “We focus on housing, education, and employment, as well as mental and physical health, personal growth, and overall well-being,” said Sherley. HCP’s primary programs are Teen Programs and the Transition Program. Any teen in foster care over 13 living in Wake County or foster care through Wake County is eligible to participate in the HCP’s Teen Programs. “We incorporate trauma-informed practices in teaching life skills, so teens are ready for a successful transition to adulthood,” Sherley says. The Hope Center collaborates with Wake County Human Services to offer life-building services with: LINKS...
Yardi Client Aegis Living
Debuts “Greenest” Community
Creating environmentally conscious, sustainable buildings is more important than ever. Yardi client Aegis Living knows just how important, considering they’ve created the world’s “greenest” senior living community — Aegis Living Lake Union. Opened in 2022 and located in Seattle, Washington, Aegis Living Lake Union is completely emission-free, using no fossil fuels. Considering the dedication of Aegis Living in creating this spectacular community, we simply had to spread the word here on The Balance Sheet. A round of applause for Aegis Living in creating a sustainable place for residents to call home! Read more about the initiative at Aegis Living Lake Union below. Aegis Living creates world’s greenest senior living community Aegis Living Lake Union is no stranger to sustainability. Relayed by McKnight’s Senior Living, the community’s environmentally conscious design is a commendable achievement — and an inspiration to others in the industry. Impressively, standard electricity supports the entire 70,000-square-foot building at Aegis Living Lake Union, which offsets 105% of the structure’s total energy demand. The community implemented a variety of energy reduction measures to achieve this, including an onsite solar array and offsite solar energy farms. When compared with similar buildings, the community has reduced its total energy draw by 25%. “When we embarked on the journey to create the world’s greenest senior living building, our goal was to set a new standard for what is possible, bringing an equal commitment to sustainable buildings and exceptional senior living,” Aegis President Adam Clark shares with McKnight’s Senior Living. “We made this dream a reality and hope to be a model for others serving our rapidly growing aging population.” In terms of recognition (and well-deserved recognition at that), Aegis Living Lake Union is one of ten developments that’s been selected for the 2023 Urban Land Institute Americas Awards Of Excellence — and it’s the only senior living community to be recognized. It’s also the first assisted living community to meet the global green building standards set by the International Living Future Institute. About Aegis Living Aegis Living is a leader in senior assisted living and memory care. With more than 25 years of experience, Aegis is known for its deep expertise in supporting residents along the continuum of care, innovative programming, a focus on purpose-built design and an employee-centric culture. With every community, Aegis creates a living environment where residents can feel at home and inspired to live life to the fullest. The organization is headquartered in Bellevue, Washington, and operates 36 communities in Washington, California, and Nevada. Connect with us Once again, congratulations to Aegis Living for this outstanding achievement. Be sure to read more about the environment-first approach at Aegis Living Lake Union via McKnight’s. If you’re wanting to know how we support clients like Aegis with our senior living management software, reach out to our team! We’d love to show you around the Yardi Senior Living...
Yardi’s HOTMA Plan
Implementing HUD’s changes
Spend time with professionals from the affordable housing space and public housing agencies and you’ll likely hear a timely HUD topic brought up in conversation: HOTMA. It’s a buzz that has many public housing agencies and affordable housing providers asking questions and perhaps feeling concerned about how they will manage to implement new compliance mandates. We met up with Gabrielle Van Horn, Yardi PHA director and Dave Kessler, Yardi vice president of affordable housing, to learn more about HOTMA and what it means for PHAs and affordable housing organizations. They also provide insight on Yardi’s plans to accommodate new compliance mandates that will affect households as they qualify for housing units. Q: First, tell us what HOTMA stands for? Gabrielle: HOTMA is an acronym for the Housing Opportunity through Modernization Act. It was signed into law in July 2016 and goes into full effect on January 1, 2024. Q: What is Congress asking HUD to achieve by implementing HOTMA? Dave: HOTMA is an opportunity for HUD to standardize the way affordable housing programs calculate income. For example, in the past, a household’s calculated income would vary depending on the applicable affordable housing program. Now, with HOTMA, it’s less confusing for housing providers because it standardizes the deductions and exemptions that factor into making a final determination of a household’s income. Gabrielle: Factors such as deductions from income for households with seniors are not only being recalculated, but also standardized across certain programs. That’s good news for programs affected by HOTMA. Q: What should affordable housing providers be working on now to prepare for upcoming changes? Gabrielle: Like anything with HUD, there are aspects of HOTMA that may be a challenge to comprehend and implement. There is a lot to learn and prepare for as the January deadline approaches. Dave: Yardi, as well as other affordable housing and PHA software vendors, is updating our technology to accommodate changes required by HOTMA. We’ll have online coursework for our clients to make sure they remain compliant throughout the process. We are also expecting to soon see HUD’s updates to forms 50058 and 50059, as well as other forms that are directly affected by HOTMA. Once we see those in final format, Yardi will make sure our clients have access to them in our software and that the data fields and calculation formulas are adjusted for HOTMA compliance. Gabrielle: I also want to express that training organizations and nonprofit affordable housing advocacy groups are the best resources for learning about HOMTA. I follow NAHRO’s blog and social media posts for up-to-date information on HOMTA, including training resources they’ve been sponsoring. I recommend this type of training for affordable housing providers and PHAs, and that they get started as soon as possible. Q: What would be an example of an upcoming change? Gabrielle: One that’s sure to help many is the increased income deductions for seniors. Increasing those deductions will make it easier for households to qualify for a unit. It makes sense to make that adjustment now, especially as inflation has increased expenses. Dave: Yes, I’m not sure if HUD expected the pandemic and its residual effects in terms of wage increases when they passed HOTMA in 2016. However, the timing is perfect as it will help households qualify for needed housing resources even as their income may have risen due to high inflation rates over the past few years. Q: How will Yardi software adapt to HOTMA? Dave: We are actively working on updates to Yardi Voyager and Breeze Premier as well as RentCafe, our portal solution for applicants, renters, and private landlords. We’re focused on having that technology ready when our clients are required to adopt HOTMA standards. Gabrielle: We’ve also made additional support staff available so that our clients can get help with Yardi software. But, again, learning HOTMA regulations and compliance mandates is best done with training resources such...
2023 Forbes Cloud 100
Yardi Named to Eighth Straight List
Yardi has been named to the 2023 Forbes Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures. Yardi was a member of the inaugural Cloud 100 in 2016 and is the only company focused on the real estate vertical this year. “We’re honored that Forbes continues to recognize Yardi for our cloud technology and services,” said Jay Shobe, senior vice president of cloud services at Yardi. “Since the inaugural list, this inclusion has reflected the continual efforts of our employees and the unfailing support of our clients worldwide.” The Cloud 100 again reviewed submissions from hundreds of cloud startups and private companies. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people and culture (15%). “The companies of the Cloud 100 list represent the best and brightest companies in this crucial tech sector,” said Kenrick Cai, Forbes editor of the Cloud 100. “This year’s companies had to react rapidly to AI’s sweeping impact while contending with a market pullback. Their resilience puts them in elite company.” “This year’s Cloud 100 list is one of the most dynamic in history. While the industry faced macro headwinds, the 2023 Cloud 100 winners displayed the innovation and resilience of the cloud economy and the combination of growth and efficiency that prove the power of the cloud business model. 95 percent of the honorees are forecasted to reach Centaur status — $100 million of annual recurring revenue — by the end of the year,” said Mary D’Onofrio, partner at Bessemer Venture Partners. “It is further exciting to see so many honorees at the forefront of the AI revolution, which we believe will continue to transform the cloud and propel the next wave of growth for many of this year’s winners.” “The past year our industry has seen a generational step forward in innovation and with AI leading the charge, we are witnessing one of the most important platform shifts in decades,” said Paul Drews, managing partner, Salesforce Ventures. “The Cloud 100 list represents the best of the best and we’ve never been more excited about what the future holds, not only for the cloud but for the entire technology industry. We are proud of what these founders and their communities have already accomplished and look forward to seeing how they continue to transform the industry in the future.” The Forbes 2023 Cloud 100 is published online at forbes.com/cloud100 and will appear in the August/September 2023 issue of Forbes magazine. About Yardi Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com. About Bessemer Venture PartnersBessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Hong Kong, Boston, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio). About ForbesForbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than...
Reducing Risk
Yardi Investment Suite Report
What are the risks in the current real estate investment environment and how can investors protect themselves? A new Yardi Investment Suite special report gives investors and investment managers an inside look at challenges in the industry and how to use advanced technology to their benefit. Rising interest rates and a spate of high-profile bank failures have induced a cautious stance among real estate investors. While few experts predict a downturn as dire as that in 2008-09, capital sources are lending more cautiously. As a result, the report notes, investors are seeking ways to drive new efficiency into their operations. Using tech to mitigate risk Much of that efficiency comes from investment management technology platforms that automate investment accounting, performance measurement and investor reporting, along with loan abstracts, asset ratings, sales data, net operating income data, and valuation tracking and occupancy trends. By connecting information from the asset level through the investment structure to the investment, such systems drive informed decision-making by eliminating manual data uploads, spreadsheets and the effort associated with maintaining separate databases. Used to their full extent, such platforms can help investment managers uncover profitable deals, hit compliance targets and satisfy investors by using secure portals to deliver timely data down to the property level. “Minimizing human error and eliminating old-fashioned filing systems are clear benefits of automation” for investors and investment managers concerned with monitoring debt covenants, evaluating property performance and other elements of real estate investment, the report says. The notion of bridging the gap between the underlying asset and the loan encompasses not so much the terms of the loan – its calculations and amortization – as “the critical data and covenants and the things that pose the risks to the organization,” Chris Barbier, senior director of investment...
MOVE Santa Barbara
Cycling for All
Last year, Yardi offices supported more than 350 nonprofits worldwide. We continue to bring you the stories of those organizations and insight into how they aid their communities. It’s time to get physically fit, Santa Barbara! Today we introduce MOVE, established in 1995, with a mission to promote walking, bicycling and public transit county-wide to create healthy, sustainable and equitable communities. MOVE runs two community bike shops, advocates for safe streets for all users, and coordinates Safe Routes to School programs, including teaching first-time youth bicycle riders how to ride a bicycle and bicycle skills. “The impacts of climate change and the pandemic have provided us with a unique opportunity to create significantly more safe and enjoyable places for people to walk, bicycle and demand for a connected transit system,” says Heather Deutsch, executive director for MOVE. Funding from Yardi has helped support MOVE’s community bicycle shops. It also helps the staff at MOVE teach more kids to ride for the first time and helps to grow its advocacy program so everyone can safely and enjoyably travel by foot, bicycle or transit. “Thank you, Thank you! Your support helps us fund our programs and demonstrates that our community is committed to our work,” exclaimed Deutsch. Bicycle Skills and Joyful Adventures During the 2022-2023 school year, MOVE taught over 3,000 students bicycling skills, with over 1,000 children learning to ride a bike for the first time. One of its second-grade children told them, “Yesterday, I finally learned how to ride a bike. I went home and asked my dad to take off my training wheels. Today we rode to school together!” This is just one example of how MOVE’s programs lead to children having freedom and enjoying the happiness of riding their bicycles. “We wish...
Energy Projections
From U.S. DOE
Here are recent projections by the U.S. Energy Information Administration (EIA), a statistical and analytical arm of the U.S. Department of Energy that collects, analyzes and disseminates energy information. Record liquid fuel consumption coming in ’24 Global consumption of liquid fuels such as gasoline, diesel and jet fuel will set new record highs in 2024. After topping an average of 101 million barrels per day for the first time in 2023, consumption will average more than 102 million barrels per day the following year. Crude oil prices will decline in that time, however, largely due to increases in crude oil production, especially in North and South America. That could also drive prices lower at the pump. The price decline prediction holds despite announcements in 2022 and 2023 by the OPEC+ oil exporting cartel to cut crude oil production by about 3.5 million barrels per day. “Our forecast for global consumption of petroleum depends on uncertain economic conditions—especially in China,” said EIA Administrator Joe DeCarolis. “How China’s economy changes following its reopening from pandemic lockdowns could have a significant impact on global consumption of petroleum products.” Coal down, renewables up The share of U.S. electricity generated from coal will decrease from 20% in 2022 to 18% in 2023 and 17% in 2024. Meanwhile, the share of renewable energy as a source for electricity generation continues to increase and is projected to reach 26% of total generation in 2024. About two-thirds of the forecast increase in renewables generation comes from new utility-scale solar photovoltaic capacity, with most of the rest anticipated from new wind projects. About 5% of U.S. coal-fired electric-generating capacity retired in the 12 months before April 2023. Investment in renewable sources such as wind and solar and the operating cost advantage of those...
Don’t Forget to Feed Me
Pet Food Bank
Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2022, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will bring you the stories of those organizations and insight into how they aid their communities. Today we introduce you to, Don’t Forget To Feed Me (DF2FM) Pet Food Bank, founded 2008 in Fort Worth, Texas. DF2FM aims to supply pet food to local agencies to support pet owners. By providing pet food for those in need during challenging financial times, DF2FM offers an alternative to surrendering or abandoning their family pet. They provide free pet food to 35 distribution partners in greater Fort Worth. “Don’t Forget To Feed Me helps to ensure that no pet owner ever has to choose between stay or go…,” says Debbie Sharpe, community outreach coordinator for DF2FM. Don’t Forget To Feed Me strives to provide enough dog and cat food for its partner’s needs for distribution to deserving pet owners. Each partner has a pre-determined monthly amount, and DF2FM keeps a running waitlist of organizations wishing to partner with them. “We review all potential partner requests during the last quarter of each year to determine if we can add new partners the next year,” Sharpe said. Funding from Yardi enables DF2FM to purchase thousands of pounds of pet food that is then distributed. They currently distribute over 30,000 pounds of pet food to its partners monthly. In addition to the donated food DF2FM receives, they must purchase additional food from local feed stores at a discounted price regularly to meet the community’s needs. “We are beyond grateful for the continued support of Yardi and the enthusiasm of Yardi employees towards DF2FM,” shared Sharpe. Ruff times DF2FM recently received a call from a pet owner at the shelter getting ready to surrender their pet due to unforeseen financial hard times. The shelter staff informed the pet owner that Don’t Forget to Feed Me provides free pet food to several local food pantries. They decided against surrendering and contacted one of DF2FM’s partners to receive much-needed pet food, enabling them to keep their beloved pet. Volunteer Oppawuntities Volunteering options include small group dog and cat food bagging at DF2FM’s Fort Worth warehouse. In addition, DF2FM is always looking for volunteers to work its table at community events to help spread the word about DF2FM. Another need is for volunteers to pick up donated food from 70+ donation locations across the metroplex and deliver it to the warehouse. Many organizations will also hold internal pet food drives and either donate the collected food directly to DF2FM or hold an offsite bagging event at their workplace and return the pet food bagged and ready to go. Those interested should contact [email protected] for more information. DF2FM’s pet food distribution numbers in 2023 are already 31 percent more than last year. The need continues to grow as people are struggling to overcome financial challenges. “We truly appreciate the support of all who value the well-being of beloved pets,” shares Sharpe. Find future non-profit profiles...
Meet With Yardi
Fall Senior Living Events
With a variety of senior living events coming this fall, leaders have the chance to explore which technology solutions are driving the industry forward. We’ll be attending a handful to share what makes the Yardi Senior Living Suite — our integrated, one-stop-shop solution — stand apart from other technology in the senior living space. In that spirit, we’d love to connect with you if you’re attending any of the below opportunities! Read on for more details about our presence at each event. OHCA Annual Convention & Tradeshow Join your fellow senior living leaders at the Oregon Health Care Association Annual Convention and Tradeshow!You’ll find our senior living team at booth 309 — feel free to stop by anytime throughout the event, or schedule a meeting with us in advance. We’re excited to be the awards program co-sponsor as well. Date and location: September 19-20, 2023 Portland, Oregon BCSLA Annual Conference & Tradeshow Meet with us during the BC Senior Living Association Annual Conference and Tradeshow, an event centered around mental health and wellness, immigration, recruitment retention and leadership. You can schedule a meeting with team Yardi before the event, or simply come chat with us whenever you’d like. Date and location: September 24-26, 2023 Whistler, British Columbia NIC Data & Analytics Conference The upcoming NIC Data and Analytics Conference is the first of its kind for the National Investment Center for Seniors Housing and Care (NIC), set to gather data and analytics leaders in senior living to discuss important industry trends. We’re pleased to be a sponsor for this one-of-a-kind experience and our team will be in attendance throughout the event. You can book time with us here if you’d like to schedule a meeting! Date and location: September 27-28, 2023 Minneapolis, Minnesota...
Yardi Dubai
UAE Office Update
#TeamYardi of Dubai is here again, showcasing their influential excitement in and out of the office. Here are a couple of updates from the Dubai office. Bring Kids to the Office Bring Kids to the Office was an exciting event and opportunity for Yardi’s wonderful parents to introduce their kids to the place where parents spend a significant part of their day. Employees had the chance to share the work environment with little ones and create an engaging and fun atmosphere for everyone in the office. The day was jammed packed with a range of activities suitable for children of different ages: Office tours– Kids had the chance to explore the office and learn about what their parents do when working. Interactive fun– entertainment included balloon twisting, face painting, games and music with party hosts. Snacks, treats & sweets to keep the energy level up throughout the day. “We were so excited to see the workplace come alive with the laughter and joy of our employees’ little ones. It was undoubtedly a fantastic day of bonding and creating cherished memories together,” exclaimed Oksana Goliak, Yardi Dubai office manager. Fostering Healthy Competitions The friendly yet competitive nature of employee team building encourages employees to showcase their skills while cheering on their teammates. Healthy competition can instill a sense of pride and accomplishment, motivating individuals to work harder as a team. Moreover, the Cup cultivates a supportive environment where employees celebrate each other’s successes and learn from their setbacks, strengthening team bonds. The Yardi Sports League continues with a new season for 2023 and promotes employee well-being. Recently, Yardi Sports League held a Table Tennis Cup: a fantastic team-building event promoting physical fitness and enhanced employee teamwork, communication and camaraderie. Be sure to check out all...
Reno Rodeo Foundation...
Supporting scholars and children
In 2022, Yardi offices supported more than 350 nonprofits worldwide. Grab your lasso and boots, and let’s travel to Reno, Nevada and introduce you to Reno Rodeo Foundation (RRF), founded in 1986. The foundation builds and leverages community partnerships to fund scholarships and support children with extraordinary needs in 14 Nevada counties by strategically allocating financial resources for the greatest impact possible. The Foundation annually assists students with educational scholarships at colleges and universities in Nevada or out-of-state if the degree is not offered in Nevada, as well as trade schools licensed by the State Commission on Postsecondary Education. The organization selects children nominated by a local hospital to receive a special “Rodeo Wish” with funding to help enhance the quality of their life. “One of the most recognizable programs we have is our annual Denim Drive six-week campaign that runs from November through December to clothe neglected, abused and abandoned children rescued from unsafe homes,” says Samantha Tabarez, outreach and development director for Reno Rodeo Foundation. The Denim Drive raises money to clothe children in need. With the funds, social workers also purchase exactly what is needed for the child(ren) beyond just clothing, such as hygiene items. In addition, the foundation provides funding to purchase new books and new teddy bears for children that have to attend family court proceedings. “The Reno Rodeo Foundation is committed to leveraging community partnerships, putting financial resources to the highest impact use possible and establishing an identity as a major supporter for local children’s services in Northern Nevada,” said Tabarez. Funding from Yardi directly supports this program, giving social workers more access to swift support that meets the immediate needs of foster children. Denim Drive and other RRF programs are 100 percent financially funded, and as the...
Celebrating Doug Dollenberg, Jr.
Changemakers 2023
“I don’t get excited about change, per se, but I’m very comfortable with change. I fundamentally believe that change is an important part of the formula for business success.” That quote comes from Doug Dollenberg, Jr. — the final honoree in the 2023 Changemakers series by Senior Housing News (SHN)! It’s been a pleasure to sponsor the series for the fifth consecutive year, we’ve loved celebrating each senior living visionary recognized. Keep reading for a snapshot of Doug Dollenberg, Jr.’s interview, which is packed with insightful stories and advice. Yardi client Doug Dollenberg, Jr. named 2023 Changemaker For Doug Dollenberg, Jr., president and CEO at Brightview Senior Living — a dedicated Yardi client — change isn’t just inevitable, it’s necessary. Since joining Brightview in 2017, he’s led changes that have positively shaped the organization to be what it is today — and he’s learned valuable lessons through it all. In his interview with SHN, Dollenberg shares why he thinks change is essential in the senior living industry, and explains the importance of driving collaborative change. He also shares how his experience at Brightview has reinforced his passion for people and culture — and speaks to the organization’s plans for the future. SHN: What are some ways that you think the senior living industry needs to change in the next five years? Dollenberg: Staffing is one. Two, resident experience. Three, embracing technology and innovation. And four, rebounding margin. On the staffing front, turnover is a huge challenge in the senior living industry. It is in plenty of others, but especially in senior living. And we need to attract more people to the industry and help people realize that senior living is a great industry and a great place to build a career. There are tremendous career opportunities in our industry, and we’re only going to need more and more people over the next decade. There’s already something like a million people who know it’s a great industry, but we have to attract more people to it. I think it’s going to require creativity and innovation and change to get more people to enter our great industry. We also have to figure out ways for Brightview and for the industry as a whole to figure out how to increase retention. Another is resident experience. Our resident needs and desires are evolving, and we need to be focused on addressing that for the residents of today — and also the residents of the future. The baby boomers, they’re not really entering our communities in the next handful of years, but as you go out 5, 10, 15 years, we really have to be thinking about them. As we’re looking at today’s residents and future, we have to be looking at what are the changes that impact our operations and the communities we develop for the future. The third area that I mentioned is embracing technology, innovation and process improvement with the goal of driving efficiencies. I think that’s increasingly important in our industry, as we’re focused on margin. We have to search for and create efficiencies in our business, and so much of that is going to come back to those things that I mentioned: Technology, innovative and creative ideas, and process improvement. The fourth big change in my eyes is margin rebound. Ultimately, our industry needs to get back to the operating margins that we had pre-pandemic, whether that’s getting back to or near those pre-pandemic margins. That’s something that needs to happen, and that is the function of building occupancy, driving revenue, and managing costs. I feel the industry is working on that, which is a good thing. And personally, I feel really good about the progress that our Brightview team is making on that front. SHN: How do you think about timing so that Brightview can innovate without getting so far ahead of the market that...
Retain Residents
Harness the Power of Reviews
In today’s digital age, online reputation plays a crucial role in the success of property management companies. Positive reviews attract new residents and instill trust and confidence in services. At a recent industry conference, we learned from standout property management company (and valued Yardi client) The Bozzuto Group what strategies and insights are working for them. Let’s explore how to manage online reputation to boost reviews and gain efficiencies effectively. User give rating to service experience on online application for Customer review satisfaction feedback survey concept. The importance of online reputation is essential in the property management industry. Customer sentiment and experience surveys are heavily relied on to make informed decisions. Data from diverse sources impact reviews. Use more than just Google as a source of information and review data. Kelley Shannon, Senior Vice President, Marketing and Customer Engagement for The Bozzuto Group, says: “You’re only as good as the lowest performing property.” With lower scores in metrics of customer satisfaction and loyalty, reputation can be ruined. Take the time to monitor and respond to reviews on platforms and social media channels. “If they are taking the time to write, you should take the time to respond,” she added. Give teams a goal of ten reviews per month, and in more prominent properties, aim for 15 on various platforms. Set up notifications and promptly respond to both positive and negative feedback. Addressing concerns, resolving issues and showcasing a commitment to customer satisfaction will lead to happier residents and community. If reviews are negative, look at the positives and aim to keep them going. Communication, friendliness, cleanliness, amenities and availabilities are all part of getting stellar reviews. If vendors or a part of the property management team lives on campus, have them go online and...
Automate Routines, Humanize Exceptions
Apartmentalize Session Recap
At 2023 Apartmentalize powered by NAA, Yardi Vice President Richard Malpica led a panel with multifamily executives about how staffing challenges are driving the need for automation and centralization. Meet Berkshire Residential Investments Vice President of Marketing Justin Wald, Fogelman Properties Vice President of Shared Services Kim Young, ROSS Companies Vice President of Marketing Taylor Blades and Westdale Asset Management Technology Director Jaymz Yates. What do these leading voices in multifamily have in common? They’re all leveraging technology to maximize staff satisfaction, enhance customer experiences and improve efficiencies. Session panelists at the 2023 Apartmentalize education conference. From left: Yardi’s Richard Malpica, Berkshire Residential’s Justin Wald, ROSS Companies’ Taylor Blades, Fogelman Properties’ Kim Young and Westdale’s Jaymz Yates. Read on to learn about their challenges, strategies and how they’re taking on automation and centralization to automate routines and humanize exceptions. Richard Malpica: What kind of staffing constraints is your company experiencing, and are there any new expectations the industry needs to adapt to? Justin Wald: Expectations have changed for our onsite employees. They now expect being able to work from home in addition to a higher salary. On the other hand, our prospects and residents have the expectation of immediate gratification. So, we’re really taking a step back and thinking about ways to provide the right tools for everyone’s satisfaction. Kim Young: One of the biggest things for us is onboarding. We now know to ensure that our tech is in place before a turnover occurs so the transition is as smooth as possible. Taylor Blades: Today’s employees don’t want to spend hours working leads, handling maintenance tickets or paying invoices. I think we could improve retention if we move them away from these tasks and give them more time to make an impact with prospects and residents. Today’s employees want to be involved in higher levels of thinking, not necessarily just leasing apartments or responding to emails and answering the phone. Jaymz Yates: I think we also need to be mindful and recognize that what we’re expecting out of our staff is different from what it was 10 years ago. We could look at it in a way where we’ve given them tools for success, but we’ve also put an additional burden on them to learn those new tools. It’s hard enough to hire staff, but now we expect them to manage multiple lines of channels and communications. Richard Malpica: Today’s workers place a bigger emphasis on their wellbeing. How is your company providing a work experience where employees are invested, participate in more than just rudimentary tasks and feel supported by automation? Kim Young: Our industry has a reputation of creating a pipeline where someone can start out as a leasing agent then become an assistant manager, property manager and possibly a regional vice president. But the problem is that those roles each require a different skill set. It’s not a natural progression, and that’s always been a problem. With automation, you can take a skilled leasing agent and help them deepen their practice, or help an entry-level employee excel in their field. It can be a tool to guide career paths. Richard Malpica: Everyone is interested in what automation can do. How are you utilizing automation to attract and retain the best employees? Taylor Blades: We might be in a position now where employee turnover is almost more costly than resident turnover. Some of the things we’re doing to add value to our employees’ work lives is removing the high-volume, low-value tasks out of their daily routine. We successfully implemented a bot that could handle leads from any channel. This helped our staff focus on building a connection with our residents, hosting events and making meaningful interactions. Our residents’ needs are aligning with our employees’ needs. Kim Young: We’re trying to highlight the fact that automation improves our workflow. Our leasing teams are not going to suddenly...
Texas Conservation Alliance
Saving Texas Wildlife
In 2022, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will bring you the stories of those organizations and insight into how they aid their communities. Let’s travel to Dallas, Texas and introduce you to the Texas Conservation Alliance (TCA), founded in 1972. Since they were founded, TCA has had a remarkable record of protecting Texas state forests, prairies and rivers. “Through grassroots advocacy and community coalitions, TCA protects and preserves wildlife habitats for the future benefit for all Texans,” said John DeFillipo, executive director of TCA. TCA incorporates community engagement and advocacy, conservation education and outdoor recreation elements to help inform people and protect Texas wildlife habitats. The community engagements include: habitat restoration with native plants river and stream clean-ups encouraging decreased light pollution in major Texas cities invasive species removal wildlife habitat surveys Forest and prairie hikes Funding from Yardi has supported various programs for the Texas Conservation Alliance. Such programs include supplying resources for native plants and sustaining its Texas Conservation Action Team (TXCAT). TCA plans to increase staff members and diversify its community volunteer base, interns and anybody interested in the restoration, conservation and preservation of Texas wildlife habitat. TCA plans to conduct several environmental education activities in outdoor settings for over 900 participants in North Texas this year. And hopes to plant 250 trees, 2,500 native plants and restore 100 acres of wildlife habitat. “Thank you, Yardi, for being a solid and committed supporter of TCA for the past several years. Your company’s commitment to the environment and conservation is a great example to other colleagues in the DFW area,” shared DeFillipo. An Ally for Wildlife Skyler, a student at Texas A&M University, reflects on an incredible internship experience at Texas Conservation Alliance. This was Skyler’s second semester interning with TCA, and he was offered an opportunity to frame and pilot the campus Lights Out, College Station (LOCS) collision survey program. “Looking back, I’m amazed by how much experience and knowledge I’ve gained in such a short time and the opportunity I’ve had to contribute to wildlife-saving efforts in my city,” shared Skyler. TCA’s internship program offers many potential projects— aspiring conservationists in Texas are encouraged to apply for the upcoming fall semester internships. The remote-style program allows for a better balance between academics and other responsibilities. “All in all, I have found myself an ally for all wildlife- to be an unexpected bird enthusiast and, more than all, a leader in my community,” Skyler shares. Volunteer Opportunities “Conservation of wildlife habitat can be done within your home or business. Plant native species to create habitat, conserve water this summer, turn off lights when leaving your office or home and engage with a community conservation group,” shares DeFillipo. TCA currently does not have any summer events, but in August, they will have events posted for the Fall. Private conservation events for Yardi employees or community groups can be directed to Mei Ling, community conservation director, at [email protected]. Find future non-profit profiles...